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| Primary users of reports in financial accounting |
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| Primary users of reports in managerial accounting |
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| types and frequency of reports for financial accounting |
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| financial statements, quarterly and anually |
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| types and frequency of reports for managerial accounting |
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| internal reports, as often as needed |
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| Special purpose for specific decisions |
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| pertains to buisiness on a whole, generally accepted accounting principles |
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| pertains to subunits of the buisiness, very detailed, standard is relevence to decision |
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| total manufacturing costs aka product costs |
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| the sum of direct materials, direct labor, and manufacturing overhead |
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| Raw materials that can be physically and directly associated with converting raw materials into finished goods |
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| the work of factory employees that can be physically and directly associated with converting raw materials into finished goods |
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| costs that are indirectly associated with the manufacture of the finish product |
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| costs that are a neccesary and integral part of producing a finished product |
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| costs that are mathced with revenue of a specific time period and charged to expense as incurred (selling expenses, administrative expenses) |
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| direct can be traced to the product, inderect can not be traced, but is still neccesary |
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| how a merchendiser calculates cost of goods sold |
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| begining merchendise inventory+ cost of goods purchased - ending merchendise inventory |
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| how a manufacturer calculates cost of goods sold |
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| begining finished goods inventory+ cost of goods manufactured - ending finished goods inventory |
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| when job order costing systems should be used. |
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| when process costing systems should be used. |
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| when you want to know how many units are going through a department at a given time(factory setting) |
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| predetermined overhead rate = |
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| estimated overhead cost/expected anual activity |
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| any factor or activity that has a direct cause-effect relationship with the resources consumed |
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| Activity-based management |
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